Transfers

From April 2015, anyone in a Company Pension where the pension benefits on retirement are defined, “a defined benefit scheme” will only be able to take advantage of the new rules if they transfer their pension to a Personal Pension.

Whilst the new pension rules provide a number of advantages:

Ownership of your pension fund

Unrestricted withdrawals when you need funds

The ability to leave your remaining pension fund to your heirs

The possibility of good investment returns growing your pension fund more

These should be weighed against the disadvantages:

The transfer value from your Company Pension

Loss of additional pension scheme benefits such as Life cover

The possibility of bad investment returns depleting your pension fund

Uncertainty of the amount of your final pension

There could be a significant financial gain for you, but given the complexities involved in quantifying the above, we strongly advise that you seek professional advice from a fully qualified and regulated Independent Financial Advisor before any transfer is contemplated. Whilst this will not be free, Pension decisions are usually a major financial decision that requires the appropriate level of advice to make the right choice. In contrast, mistakes can be costly. To arrange for a no obligations, initial free telephone consultation click here.